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CORPORATE

All companies incorporated in the British Virgin Islands are registered under the BVI Business Companies Act, 2004 (BBC). Both the well-known BVI International Business Companies ("IBCs") and the Cap 285 local companies' legislation were replaced by the BVI Business Companies Act.

As a result of the replacement of the IBC and Cap 285 legislation, IBCs automatically became subject to the BBC Act as of 01 January 2007, while Cap 285 automatically came under the BBC Act as of 01 January 2009.

The BBC Act has many important provisions that make a BVI Company a very adaptable and versatile corporate entity. For this reason BVI Companies are favoured for a variety of purposes including investments holding, trading, property holding and mutual funds.

Some of the significant features of a BVI Company are:

A minimum of one shareholder and one director (this can be an individual or corporate entity, and the same individual or corporation could be both)

Shareholders or Directors could be resident anywhere in the world

There are no public records on the identity of shareholders and directors

Meetings can be held anywhere in the world and can be conducted by telephone

Corporate domicile can be changed to another jurisdiction

Registered and Bearer shares can be issued and can be exchanged or converted. Bearer share certificates are required to be held by an approved authorized custodian

Foreign corporations can continue as BVI Companies provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction

Incorporation procedures are straightforward and could usually be completed within one to two working days

BVI Statutory Fees

The Government incorporation fee for a BVI Business Company with and without par value:

That is authorized to issue up to 50,000 shares - US$350

That is authorized to issue in excess of 50,000 shares - US$1,100

That has the power to issue Bearer Shares - US$1,100

The Government annual company licence fee

Where the authorized number of shares is up to 50,000 - US$350

Where the authorized number of shares exceeds 50,000 - US$1,100

That has the power to issue Bearer Shares - US$1,100

Corporate Management Services

Hudsun's experienced administrative team is well trained and equipped to provide clients with full corporate management services from the incorporation of a company to its day-to-day management.

In addition to the incorporation of companies, being the registered agent and providing the registered office, some of Hudsun's other services include provision of corporate directors, corporate secretaries and other corporate officers, and nominee shareholders. Hudsun provides yacht registration services using BVI companies to hold the yacht.

Hudsun will apply to the Registrar of Corporate Affairs for the approval of company names and prepare and file the relevant Memorandum and Articles of Association. Hudsun incorporates all types of BVI companies and partnerships.

An Incorporation Questionnaire is completed and returned to Hudsun by email, fax, post or courier. Using the information provided by the Incorporation Questionnaire, Hudsun will arrange the appointment of the company's first director(s), and on the satisfaction of BVI due diligence requirements, the complete incorporation package is dispatched via courier.